Crude weakens amid looming banking crisis in Cyrpus

21 March 2013 16:52  [Source: ICIS news]

LONDON (ICIS)--The front-month May ICE Brent contract weakened by more than $1.00/bbl on Thursday pressured by a looming banking crisis in Cyprus.

By 16;25 GMT, the front-month ICE Brent contract touched an intra-day low at $107.56/bbl, a loss of $1.16/bbl compared with the previous settlement. The contract then edged higher to trade around $107.70/bbl.

At the same time, the front-month May NYMEX WTI contract was trading around $92.95/bbl, having touched an intra-day low at $92.54/bbl, a loss of 96 cents/bbl compared with Wednesday’s close.

The European Union and the International Monetary Fund said it will give Cyprus until Monday to find around €7bn ($9bn) to fulfil its part of the bailout fund.

Cyprus originally proposed taxing bank deposits between 6.75-9.90%, however, this was rejected by the country’s parliament. Cyprus has also temped to attract Russian assistance, however a firm deal has not yet been agreed upon.

By: Kawai Wong
+44 20 8652 3214

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